课程名称︰国际金融理论与政策
课程性质︰国企系大三下必修
课程教师︰陈思宽
开课学院：管理学院
开课系所︰国际企业学系
考试日期（年月日）︰2018/04/24
考试时限（分钟）：180分钟
National Taiwan University
College of Management
国际金融理论与政策
期中考 2018
请将选择与填充之答案填于第12页之答案卷，否则不予计分
I. 单选题 (80分，每题2分)
1. For most macroeconomists,
(a) gross national income and gross national product are the same.
(b) gross national income exceeds gross national product.
(c) gross national product exceeds gross national product.
(d) it is hard to tell whether gross national income equal gross national product.
(e) None of the above.
（编按：(c)真的就是这样写的……）
2. In 2015, the United States had
(a) a surplus in the current account.
(b) a balance in the current account.
(c) a deficit in the current account.
(d) a positive balance of net financial flows.
(e) From 2015 data, it is too difficult to determine whether a surplus or a deficit existed in the current account.
3. Under the monetary approach to the exchange rate theory, money supply growth at a constant rate
(a) Eventually results in ongoing price level deflation at the same rate, but changes in this long-run deflation rate do not affect the full-employment output level or the long-run relative prices of goods and services
(b) Eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do affect the full-employment output level and the long-run relative prices of goods and services
(c) Eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do not affect the full-employment output level or the long-run relative prices of goods and services
(d) Eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do not affect the full-employment output level, only the long-run relative prices and services
(e) None of the above statement is true.
4. An economy's long-run equilibrium is
(a) The equilibrium that would occur if prices were perfectly flexible and independent of employment rates
(b) The equilibrium that would occur if prices were perfectly flexible and always adjusted by employers
(c) The equilibrium that would occur if prices were perfectly flexible and always adjusted immediately to preserve full employment.
(d) The equilibrium that would occur if prices were perfectly fixed to preserve full employment.
(e) The equilibrium that would occur if prices were perfectly fixed at the full employment point.
5. A reduction in a countries money supply causes:
(a) its currency to depreciate in the foreign exchange market
(b) its currency to appreciate in the foreign exchange market
(c) does not affect its currency in the foreign market
(d) does affect its currency in the foreign market in an ambiguous manor
(e) affect other countries currency in the foreign market
6. An American buys a Japanese car, paying by writing a check on an account with a bank in New York. How would this be accounted for in the balance of payments?
(a) current account, a Japanese good import.
(b) current account, a U.S. good import.
(c) financial account, a U.S. asset import.
(d) financial account, a U.S. asset export.
(e) a current account as a U.S. good import and a financial account, a U.S. asset export.
7. The CA equals to
(a) Y - (C - I + G)
(b) Y + (C + I + G)
(c) Y - (C + I + G)
(d) Y - (C + I - G)
(e) Y - (C + I + G) = -CA (i.e., minus the CA)
8. The sale of
(a) a used textbook does enter GNP.
(b) a used textbook does not enter GNP, but the sale of a used house does.
(c) both a used textbook and a used house do not enter GNP.
(d) a used house does not enter GNP, but the sale of used book does.
(e) None of the above.
9. Every international transaction automatically enters the balance of payments
(a) once either as a credit or as a debit.
(b) twice, once as a credit and once as a debit.
(c) once as a credit.
(d) twice, both times as debit.
(e) None of the above.
10. When a country's currency depreciates,
(a) Foreigners find that its exports are more expensive, and domestic residents find that imports from abroad are more expensive.
(b) Foreigners find that its exports are more expensive, and domestic residents find that imports from abroad are cheaper.
(c) Foreigners find that its exports are cheaper; however, domestic residents are not affected.
(d) Foreigners are not affected, but domestic residents find that imports from abroad are more expensive.
(e) None of the above.
11. Which one of the following statement is the MOST accurate?
The term spot rate is
(a) Misleading because even spot exchanges usually become effective only three days after a deal is struck
(b) Misleading because even spot exchanges usually become effective only four days after a deal is struck
(c) Misleading because even spot exchanges usually become effective only five days after a deal is struck
(d) Misleading because even spot exchanges usually become effective only six days after a deal is struck
(e) Misleading because even spot exchanges usually become effective only two days after a deal is struck
12. The exchange rate between currencies depends on
(a) the interest rate that can be earned on deposits of those currencies
(b) the expected future exchange rate
(c) the interest rate that can be earned on deposits of those currencies and the expected future exchange rate
(d) national output
(e) None of the above.
13. Which one of the following statements is the MOST accurate?
(a) The dollar rate of return on euro deposits is the euro interest rate plus the rate of depreciation of the dollar against the euro.
(b) The dollar rate of return on euro deposits is approximately the euro interest rate minus the rate of depreciation of the dollar against the euro.
(c) The dollar rate of return on euro deposits is the euro interest rate minus the rate of depreciation of the dollar against the euro.
(d) The dollar rate of return on euro deposits is approximately the euro interest rate plus the rate of appreciation of the dollar against the euro.
(e) The dollar rate of return on euro deposits is approximately the euro interest rate plus the rate of depreciation of the dollar against the euro.
14. If the dollar interest rate is 10 percent and the euro interest rate is 6 percent, and the expected return on dollar depreciation against the euro is eight percent, then
(a) An investor should invest only in dollars.
(b) An investor should invest only in euros.
(c) An investor should be indifferent between dollars and euros.
(d) It is impossible to tell given the information.
(e) All of the above.
15. Which of the following statements is the MOST accurate?
(a) For a given U.S. interest rate and a given expectation with regards to the future exchange rate, a rise in the interest rate paid by euro deposits causes the dollar to depreciate.
(b) For a given U.S. interest rate and a given expectation with regards to the future exchange rate, a rise in the interest rate paid by euro deposits causes the dollar to appreciate.
(c) A rise in the interest rate paid by euro deposits does not affect the value of the dollar.
(d) A rise in the interest rate paid by euro deposits causes the dollar to depreciate.
(e) None of the above.
16. What is the expected dollar rate of return on euro deposits if today's exchange rate is $1.167 per euro, next year's expected exchange rate is $1.097 per euro, the dollar interest rate is 10%, and the euro interest rate is 5%?
(a) 10%.
(b) 11%.
(c) -1%.
(d) 0%.
(e) 1%.
17. What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 60 dollars in New York and 30 Pounds in London?
(a) 1.5 dollars per British pound
(b) 0.5 dollars per British pound
(c) 2.5 dollars per British pound
(d) 3.5 dollars per British pound
(e) 2 dollars per British pound
18. The family summer house on Cape Code pays a return in the form of
(a) interest rate
(b) capital gains
(c) the pleasure of vacations at the beach
(d) (a), (b) and (c)
(e) (b) and (c) only
19. A foreign exchange swap
(a) is a spot sale of a currency.
(b) is a forward repurchase of the currency.
(c) is a spot sale of a currency combined with a forward repurchase of the currency.
(d) is a spot sale of a currency combined with a forward sale of the currency.
(e) make up a negligible proportion of all foreign exchange trading.
20. Which one of the following statements is the MOST accurate?
(a) A rise in the average value of transactions carried out by a household or a firm causes its demand for money to fall.
(b) A reduction in the average value of transactions carried out by a household or a firm causes its demand for money to rise.
(c) A rise in the average value of transactions carried out by a household or a firm causes its demand for money to rise.
(d) A rise in the average value of transactions carried out by a household or a firm causes its demand for nominal money to rise.
(e) A rise in the average value of transactions carried out by a household or a firm causes its demand for real money to rise.
21. The aggregate money demand depends on
(a) The interest rate
(b) The price level
(c) Real national income
(d) All of the above
(e) Only (a) and (c)
22. The aggregate real money demand schedule L(R, Y)
(a) Slopes upward because a fall in the interest rate raises the desired real money holdings of each household and firm in the economy
(b) Slopes downward because a fall in the interest rate reduces the desired real money holdings of each household and firm in the economy
(c) Has zero slope because a fall in the interest rate keeps constant the desired real money holdings of each household and firm in the economy
(d) Slopes downward because a fall in the interest rate raises the desired real money holdings of each household and firm in the economy
(e) None of the above.
23. Which one of the following statement is the MOST accurate?
(a) A decrease in the money supply lowers the interest rate while an increase in the money supply raises the interest rate, given the price level and output.
(b) An increase in the money supply lowers the interest rate while a fall in the money supply raises the interest rate, given the price level.
(c) An increase in the money supply lowers the interest rate while a fall in the money supply raises the interest rate, given the output level.
(d) An increase in the money supply lowers the interest rate while a fall in the money supply raises the interest rate, givne the price level and output.
(e) None of the above.
24. Given P_US and Y_US,
(a) An increase in the European money supply causes the euro to appreciate against the dollar, but it does not disturb the U.S. money market equilibrium.
(b) An increase in the European money supply causes the euro to depreciate against the dollar, and it creates excess demand for dollars in the U.S. money market.
(c) An increase in the European money supply causes the euro to appreciate against the dollar, and it creates excess demand for dollars in the U.S. money market.
(d) An increase in the European money supply causes the euro to depreciate against the dollar, but it does not disturb the U.S. money market equilibrium.
(e) None of the above statements is ture.
25. Money serves as all of the following EXCEPT
(a) a medium of exchange.
(b) a unit of account.
(c) a store of value.
(d) a highly liquid asset.
(e) a symbol that is made of or can be redeemed for a fixed amount of precious metal.
26. Wages
(a) enter indices of the price level directly.
(b) do not enter indices of the price level directly, but they make up a small fraction of the cost of producing goods and services.
(c) do not enter indices of the price level directly, but they make up a negligible fraction of the cost of producing goods and services.
(d) do not enter indices of the price level directly, but they make up a large fraction of the cost of producing goods and services.
(e) None of the above.
27. Which one of the following statements is the MOST accurate?
(a) A permanent increase in a country's money supply causes a proportional long-run depreciation of its currency against foreign currencies.
(b) A temporary increase in a country's money supply causes a proportional long-run depreciation of its currency against foreign currencies.
(c) A permanent increase in a country's money supply causes a proportional long-run appreciation of its currency against foreign currencies.
(d) A permanent increase in a country's money supply causes a proportional short-run depreciation of its currency against foreign currencies.
(e) A permanent increase in a country's money supply causes a proportional short-run appreciation of its currency against foreign currencies.
28. Individuals base their demand for an asset on
(a) the expected return the asset offers compared with the returns offered by other assets.
(b) the riskiness of the asset's expected return.
(c) the asset's liquidity.
(d) the expected return, how risky that expected return is, and the asset's liquidity.
(e) the aesthetic qualities of the asset.
29. During hyperinflation, exploding inflation causes real money demand to
(a) fall over time, and this additional monetary change makes money prices rise even more quickly than the money supply itself rises.
(b) increase over time, and this additional monetary change makes money prices rise even more quickly than the money supply itself rises.
(c) fall over time, and this additional monetary change makes money prices decrease even more quickly than the money supply itself rises.
(d) increase over time, and this additional monetary change makes money prices decrease even more quickly than the money supply itself rises.
(e) fall over time, and this additional monetary change makes money prices decrease even less quickly than the money supply itself rises.
30. In a world where the price level could adjust immediately to its new long-run level after a money supply increase,
(a) The dollar interest rate would increase because prices would adjust immediately and prevent the money supply from rising.
(b) The dollar interest rate would fall because prices would adjust immediately and prevent the money supply from rising.
(c) The dollar interest rate would fall because prices would adjust immediately and prevent the money supply from decreasing.
(d) The dollar interest rate would decrease because prices would adjust immediately and prevent the money supply from decreasing.
(e) None of the above.
31. After a permanent increase in the money supply (in Chapter 15 model),
(a) The exchange rate overshoots in the short run.
(b) The exchange rate overshoots in the long run.
(c) The exchange rate smoothly depreciates in the short run.
(d) The exchange rate smoothly appreciates in the short run.
(e) None of the above.
32. The largest trading of foreign exchange occurs in
(a) New York.
(b) London.
(c) Tokyo.
(d) Frankfurt.
(e) Singapore.
33. In open economies,
(a) Saving and investment are necessarily equal.
(b) As in a closed economy, saving and investment are not necessarily equal.
(c) Saving and investment are not necessarily equal as they are in a closed economy.
(d) Saving and investment are necessarily equal contrary to the case of a closed economy.
(e) None of the above.
34. Which of the following statements is the MOST accurate?
(a) The law of one price applies only to the general price level.
(b) The law of one price applies to the general price level while PPP applies to individual commodities.
(c) The law of one price applies to individual commodities while PPP applies to both the general price level and to individual commodities.
(d) PPP applies only to individual commodities.
(e) The law of one price applies to individual commodities while PPP applies to the general price level.
35. Which of the following statements is the MOST accurate?
(a) Absolute PPP does not imply relative PPP.
(b) Relative PPP implies absolute PPP.
(c) There is no causality relation between the two.
(d) Absolute PPP implies relative PPP.
(e) Absolute PPP is inversely related to relative PPP.
36. An increase in the world relative demand for U.S. output causes
(a) a short-run real depreciation of the dollar against the euro.
(b) a long-run real appreciation of the dollar against the euro.
(c) a long-run real depreciation of the dollar against the euro.
(d) a short-run real appreciation of the euro against the dollar.
(e) a long-run real appreciation of the euro against the dollar.
37. The PPP theory fails in reality for all the following reasons EXCEPT
(a) transport costs.
(b) monopolistic or oligopolistic practices in goods markets.
(c) the inflation data reported in different countries are based on different commodity baskets.
(d) restrictions on trade.
(e) inflation rates are unrelated to money supply growth.
38. In the long run
(a) Exchange rates obey relative PPP when all disturbances occur in the output markets.
(b) Exchange rates obey absolute PPP when all disturbances occur in the output markets.
(c) Exchange rates are unlikely to obey relative PPP when all disturbances occur in the output markets
(d) Exchange rates are unlikely to obey relative PPP when all disturbances are monetary in nature
(e) None of the above
39. The expected real interest rate (r^e) in terms of the nominal interest rate (R) and the expected inflation rate (π^e) is given by
(a) r^e = π^e + R
(b) r^e = 2π^e + R^2
(c) r^e = π^e + R^2
(d) r^e = R - π^e
(e) r^e = R^2 - π^e
40. Interest rate differences between countries depend on
(a) differences in expected inflation, but not on expected changes in the real exchange rate
(b) differences in expected changes in the real exchange rate, but not on expected inflation
(c) neither differences in expected inflation, nor on expected changes in the real exchange rate
(d) differences in expected inflation and nothing else
(e) differences in expected inflation, and on expected changes in the real exchange rate
II. 填充题 (20分，每题2分，请用英文作答否则不予计分)
1. The condition that the expected returns on deposits of any two currencies are equal when measured in the same currency is called the __(1)__ condition.
2. For a given euro interest rate and constant expected exchange rate, a rise in the interest rate offered by dollar deposits causes the dollar to __(2)__ .
3. A __(3)__ currency is one that is widely used to denominate international contracts made by parties who do not reside in the country that issues the currency. Since 2001, ninety percent of foreign exchange transactions involve exchanges of foreign currencies for U.S. dollars.
4. On July, 2007, the Euro area price of a Big Mac was €3.06 while a Big Mac in Taiwan was NT$75. At that time the NT$/EUR€ exchange rate was 46.05 NT$ per EUR€. The NT$/EUR€ exchange rate implied by the PPP is __(4)__ . According to the previous answer, the NT$ is __(5)__ (overvalued or undervalued) by __(6)__ %.
(Hint: Please calculate the percentage by which the hamburger PPP rate exceeds or falls short of the actual NT$ price of a EUR€.)
If you were an economic forecaster who believes in PPP, you will predict the NT$ is going to __(7)__ (appreciate or depreciate) over the next months.
5. Deviations from relative PPP can be viewed as changes in a country's __(8)__ .
6. The process of buying a currency cheap and selling it dear is called __(9)__, for example, if the DM were selling for $0.70 in New York and $0.75 in London, there are profits to be made.
7. Find the real exchange rate for the following case:
Assume that the representative basket of European goods and services costs 40 euro, the representative U.S. basket costs $50, and the dollar/euro exchange rate is $0.90 per euro. What is the price of the European basket in terms of the U.S. basket? __(10)__
答案：
I.
1. ACCCB 6. ECCBE 11. ECEBA 16. CEDCE
21. DDDDE 26. DADAB 31. ABCED 36. BECDE
(注：这是助教公布的答案，有些很怪，像是第18题)
II.
1. Interest (Rate) Parity
2. appreciate
3. vehicle
4. NT$ 24.51/€
5. undervalued
6. -46.77% (负号可加可不加)
7. appreciate
8. Real Exchange Rate/Price Level皆可
9. arbitrage
10. 0.72